Tower Hamlets house prices increased in December
House prices increased by 4.2% in Tower Hamlets in December, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 20.8% over the last year.
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Hide AdThe average Tower Hamlets house price in December was £520,525, Land Registry figures show – a 4.2% increase on November.
Over the month, the picture was different to that across London, where prices remained static, and Tower Hamlets was above the 0.4% drop for the UK as a whole.
Over the last year, the average sale price of property in Tower Hamlets rose by £90,000 – putting the area second among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in City of London, where property prices increased on average by 20.8%, to £968,000. At the other end of the scale, properties in Westminster lost 13.4% of their value, giving an average price of £910,000.
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Hide AdThe average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.
First steps on the property ladder
First-time buyers in Tower Hamlets spent an average of £507,000 on their property – £89,000 more than a year ago, and £55,000 more than in December 2017.
By comparison, former owner-occupiers paid £533,000 on average in December – 5% more than first-time buyers.
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Hide AdHow do property prices in Tower Hamlets compare?
Buyers paid 4.2% less than the average price in London (£543,000) in December for a property in Tower Hamlets. Across London, property prices are lower than those across the UK, where the average cost £294,000.
The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.5 times as much as more than in Tower Hamlets. Kensington and Chelsea properties cost 3.5 times as much as homes in Barking and Dagenham (£362,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in December
Tower Hamlets: £520,525London:£543,099UK: £294,329
Annual growth to December
Tower Hamlets: +20.8%London: +6.7%UK: +9.8%
Highest and lowest annual growth in London
City of London: +20.8%Westminster: -13.4%